Innovation Strategy

Innovation involves the creation of a new device or process based upon study, research and experimentation. An innovation strategy involves new processes, business ideas, and more basic R&D than is usually associated with a product development strategy. In a business setting, innovation may involve creation of new products and/or services. Innovation is usually paired with other strategies as a supporting or complementary strategy.

The London Innovation website states "Innovation is the successful exploitation of new ideas and is a vital ingredient for competitiveness, productivity and social gain within businesses and organisations.
Innovation involves the successful exploitation of new ideas in any setting. Indeed, it can be anything from changing a daily business procedure and designing a new product for sale to discovering a new drug that reduced heart disease. Innovation is an attitude, a state of mind, and a creative process, as much as a specific task or action."